EU Slaps Greece with Hefty Fine Over Agricultural Subsidy Mismanagement

In a decisive move, the European Union has fined Greece 392.2 million euros due to a massive scandal regarding the mismanagement of agricultural subsidies. This significant penalty covers periods of inadequate oversight between 2016 and 2022.

The European Commission has opted to reduce Greece's future subsidies by 5%, arguing that there's been a longstanding failure to properly monitor and operate their subsidy management system. This action follows charges by European prosecutors against numerous Greek farmers for falsifying claims on EU financial aid applications.

In a bid to rectify the situation, Greece has announced plans to revamp its subsidy payment agency, OPEKEPE. The agency will merge with national tax authorities, aided by international consultants, in an effort to streamline subsidy disbursements and prevent future discrepancies.

(With inputs from agencies.)